E-Financial
Heritage Bank Enters Last Lap of Enterprise Integration
Heritage Bank has commenced the final round of activities on its time-table for the integration of the acquired Enterprise Bank into the mainstream of its processes and operations.
The latest round of activities, according to the Bank, is coming on the heel of the completion of all preliminary internal checks and audit of processes at Enterprise Bank which began shortly after the Board Divestment Closure ceremony organised by the Asset Management Corporation of Nigeria (AMCON) last month to signal final disengagement of the corporation from Enterprise Bank.
Consequently, the management of Heritage Banking Company Limited has formally announced the appointment of Mrs. Mary Akpobome, Bank’s Executive Director, Retail Banking, as the Acting Managing Director for Enterprise Bank during the transition period.
Mrs. Akpobome is saddled with the responsibility of managing the internal transition processes within Enterprise Bank as well as ensuring seamless integration of the bank into the Heritage Bank operating system and culture in a way that protects all stakeholder interests.
The exercise which spans people, process, systems and value integration is estimated to a last a couple of months.
Mary Akpobome, a seasoned banker par excellence with over 20 years’ experience joined Heritage Bank in 2012 as the Executive Director, Ivory Banking.
A woman with an eagle eye for growth opportunities, Mary was a key executive member in the acquisition of Enterprise Bank by Heritage Bank in 2014.
A well decorated banking veteran, Mary has in the past successfully undertaken similar tough but sound business decisions that revolutionized the banking business and generated substantial profits for shareholders from her days at Citizens Bank and Bank PHB.
Her years of experience spans different spheres of the banking space such as Commercial Banking, Private Banking, Customer Service, Information Technology, Banking Operations, etc.
Holder of an executive MBA from the University of Lagos, Lagos State and a B.A (Hons.) Theatre Arts degree from the University of Benin, Edo State, she has also attended several certified courses both locally and internationally.
She is an alumni of the ‘Insead’ Business School, IMD Switzerland, LBS Pan- Atlantic University and EMRC Brussels, Belgium.
She is also a fellow of the Institute of Credit Administrators, Associate Member of Nigerian Institute of Management and a Member of the Chartered Institute of Bankers.
Speaking earlier this year at the AMCON Board Divestment Closure ceremony where the corporation fully handed over Enterprise Bank to the new owner, Mr. Ifie Sekibo, managing director, Heritage Banking Company Ltd (Heritage Bank), had observed that the handing over gave Heritage Bank added impetus to roll out a more robust plan that would affirm its commitment to the promise of creating and preserving wealth across generations through highly personalized banking service.
“We promise to make the bank more successful. We will create more value and improve on what has been done at Enterprise Bank. One year from now, all stakeholders will see reasons to appreciate the sale of Enterprise Bank to Heritage Bank”, Sekibo said.
The Enterprise Bank acquisition, according to analysts and watchers of the nation’s banking sector, was a strong step to ensure that Heritage Bank, which entered the market in 2013 with a regional bank status, transforms into a strong national bank.
The addition of Enterprise Bank’s over 160 branches, over 177 ATMs, 57 Cash Centres and 2000 POS Terminals spread across major markets and commercial centres in the country will increase Heritage Bank’s points of presence from the current 15 Experience Centers (Branches) to nearly 200 branches spread all over the country. This automatically transforms the bank from a tier-2 player to a strong tier-1 player.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.
A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.
The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.
At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.
This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.
As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.
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